EY NEWS
Union Budget consultations done, Sitharaman set to announce measures and reforms on July 23
Budget expectations: Finance Minister Nirmala Sitharaman completed pre-Budget consultations with diverse stakeholders, setting the stage for presenting her seventh Union Budget on July 23. This first full budget of Modi's third term aims to steer India towards becoming a developed nation by 2047. President Murmu hinted at significant economic reforms ahead.
Multibagger Debut! Medicamen Organics stock debuts with 305% premium on NSE SME platform
Medicamen Organics, a pharmaceutical company, saw a successful listing on the NSE SME platform with a substantial premium. The company focuses on international markets, diverse pharmaceutical dosage forms, and global expansion strategies, reflecting its growth potential and market adaptability.
FIIs have sold Rs 1 lakh crore worth of stocks from these 5 sectors in H1 of CY24
Foreign investors show interest in India post-US roadshow, anticipating Modi 3.0 policies clarity. Positive outlook on GDP growth and potential US Fed rate cut impact driving FII optimism for the future market trends.
Medicamen Organics IPO opens today: Check issue size, price band, GMP and other details
The SME IPO of Medicamen Organics commenced its subscription on Friday and is scheduled to conclude on June 24. The company intends to raise approximately Rs 10.54 crore through this offering. Once successfully subscribed, the shares will be listed on the BSE SME platform.
Moonlighting and ITR filing: Why moonlighters should file income tax return, form to use, other details
Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.
ICAI passes orders against five affiliates of Price Waterhouse
The Institute of Chartered Accountants of India (ICAI) has sanctioned five Price Waterhouse affiliates, two other entities, and two individuals for professional misconduct. The ICAI directed the entities to terminate existing arrangements with multinational entities, citing violations of the Chartered Accountants Act 1949. The implicated PwC affiliates include branches in New Delhi, Kolkata, Chennai, and Bangalore, among others. Dalal & Shah Chartered Accountants LLP and two chartered accountants were also penalized.
Audio streaming platforms bet on subscriptions model for growth
Music labels like Saregama, the biggest content supplier for audio OTTs, are helping these platforms pivot to a subscription after relying on the ad-supported model for years. As per a FICCI EY report, the OTT audio segment will grow from 7-8 million music streaming subscribers to 15 million by 2026 if prices remain unchanged and the industry aligns on incentivising users to pay.
With 92 IPOs in Q4CY2023, Indian stock exchanges trump global markets in 2023
Of the 92 IPOs, 31 were main-board while the remaining 61 were from the small and medium enterprises (SMEs), according to a report published by EY India on Q4CY23’s top IPO trends.
Infrastructure funds top return chart in three years; Top schemes offer over 35%
The infrastructure fund category has offered 22.99% in the five-year horizon. The category offered 19.37% in the 10-year horizon.
Parle-G's hilarious response to influencer's poser: 'What to call the owner - Mr. Parle or Parle-G?'
Parle-G pleasantly surprised fans on Instagram by humorously replacing its iconic girl with influencer Zervaan J Bunshah on the biscuit packet cover, responding to a viral video. The creative gesture garnered praise for its witty engagement with followers.
Adani auditor EY faces inquiry by India’s accounting regulator
The National Financial Reporting Authority (NFRA) in India has launched an inquiry into EY member firm S.R. Batliboi, one of the longtime auditors of the Adani Group, according to sources. NFRA has requested files and communications related to the audits of Adani Group companies dating back to 2014. It is unclear how long the inquiry will take or what consequences it may have.
NDTV to seek nine news channel licences from MIB
NDTV plans to launch nine news channels in different Indian languages in phases. This is the first major expansion of the network after coming under Adani Group's control. Currently, NDTV owns and operates the English news channel NDTV 24x7, the Hindi news channel NDTV India, and the business news channel NDTV Profit. Apart from English and Hindi, the other key language markets for TV news broadcasters are Marathi, Bengali, Tamil, Telugu, Malayalam, and
Indian M&E sector crossed Rs 2 trillion revenue mark in 2022: FICCI EY report
The Indian Media and Entertainment (M&E) sector grew 20% in 2022 to reach INR2.1 trillion (US$26.2 billion), 10% above its pre-pandemic levels in 2019, according to a FICCI-EY report. Digital media has grown significantly, reaching INR571 billion and increasing its contribution to the M&E sector from 16% in 2019 to an astonishing 27% in 2022. It is important to note that the digital segment's share of the entire M&E sector would rise to 50% if data costs were also to be factored in.
Revised terms for EY split leave India partners jittery
EY insiders say the India partnership had negotiated a much better deal than other regions. That was largely due to EY India's nearly 40% year-on-year growth in FY22, one of the fastest in EY universe. Country practices in EU and Americas have been growing in single digits due to economic slowdown.
EY India's former audit chief Sudhir Soni to join KPMG
Soni used to head EY’s audit practice in India until September 2020 and was in charge of the firm’s audit affiliate SR Batliboi and Co LLP. Thereafter, he stepped aside and partner Arvind Sethi took over. Soni had remained as a senior auditor with the firm until August 2022, when he signed off.
ITR filing difficult for taxpayers whose EPF interest is taxable: EY
Budget 2021 announced that if an employee's own contribution in the EPF account exceeds Rs 2.5 lakh in the financial year, the interest earned on excess contribution will be taxable. The new rule is effective from April 1, 2021 (i.e., FY 2021-22). This year ITR forms ask an individual to provide details of the taxable EPF interest. However, individuals are struggling because interest is yet to be credited in EPF accounts.
EY to pay $100 million to settle U.S. charges of staff cheating on accountant exams
"EY acknowledges the findings determined by the SEC," said Brendan Mullin, EY media relations director, adding that the firm's response has been "thorough, extensive and effective."
Trell cofounder Sachan sold full stake in company last year, says no longer involved
Sachan said he first diluted the majority of his equity in Trell by transferring it to the management stock options plan (Msop) in December 2020. He later sold his remaining stake, about 1.5%, to LOGX Venture Partners and LetsVenture syndicate in October 2021.
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